Freehold Retail and Residential Ground Rent Investment
Restaurant let to tenant trading as Salut!
Lease expires in November 2025
Includes three flats above let on long leases, all with reversions in 2126
Highly prominent corner position, close to Essex Road Station
Popular North London suburb
Nearby retailers include Sainsbury's Local, Tesco Express and some independent restaurants and coffee shops
Lot 1
Auction 18th May 2023
Rent £27,750 per Annum Exclusive
Status Sold
Price £370,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
2 miles north of City of London
Roads
A1, A10, A104
Rail
Highbury & Islington (Overground and Victoria Line Tube), Canonbury (Overground)
Air
London City Airport, London Heathrow Airport
Situation
The property occupies an attractive corner position on the east side of Essex Road (A104), at its junction with St Paul's Road in the popular North London suburb of Islington. Nearby retailers include Sainsbury's Local, Tesco Express and some independent restaurants and coffee shops, with Essex Road Station a short distance away.
Tenure
Freehold.
Location
Miles
2 miles north of City of London
Roads
A1, A10, A104
Rail
Highbury & Islington (Overground and Victoria Line Tube), Canonbury (Overground)
Air
London City Airport, London Heathrow Airport
Situation
The property occupies an attractive corner position on the east side of Essex Road (A104), at its junction with St Paul's Road in the popular North London suburb of Islington. Nearby retailers include Sainsbury's Local, Tesco Express and some independent restaurants and coffee shops, with Essex Road Station a short distance away.
Tenure
Freehold.
Description
The property comprises a restaurant arranged on the ground floor and basement. The separately accessed upper floors comprise three one bedroom flats let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Description
The property comprises a restaurant arranged on the ground floor and basement. The separately accessed upper floors comprise three one bedroom flats let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Ground Basement
Restaurant/Ancillary Ancillary
43.51 34.05
(468) (367)
M. LANGE LIMITED with personal guarantees (t/a Salut! Restaurant Islington) (2)
10 years from 25/11/2015
£27,000
First/Second/Third
3 Residential Flats each comprising 2 rooms, kitchen and bathroom
-
-
THREE INDIVIDUALS
3 leases each held for 125 years from 21/12/2001 at £250 pa each
£750
Total Commercial Area
77.56
(835)
£27,750
(1) Areas provided by VOA (www.gov.uk/find-business-rates) (2) www.salut-london.co.uk - a modern European restaurant NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
